7,176 ConocoPhillips $COP Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS reduced its position in shares of ConocoPhillips (NYSE:COP) by 1.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 506,005 shares of the energy producer’s stock after selling 7,176 shares during the period. ConocoPhillips makes up 1.2% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 17th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in ConocoPhillips were worth $63,327,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Carolina Wealth Advisors LLC bought a new stake in ConocoPhillips during the third quarter valued at $28,000. Frazier Financial Advisors LLC increased its stake in ConocoPhillips by 151.0% in the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Allied Private Wealth LLC bought a new position in ConocoPhillips in the 2nd quarter worth about $32,000. William Mack & Associates Inc. bought a new position in ConocoPhillips in the 3rd quarter worth about $34,000. Finally, Evergreen Advisors LLC purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at about $36,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on COP shares. Raymond James Financial reiterated an “outperform” rating and set a $170.00 price target on shares of ConocoPhillips in a research report on Monday, November 2nd. Weiss Ratings upgraded shares of ConocoPhillips from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 29th. Susquehanna raised their target price on shares of ConocoPhillips from $161.00 to $175.00 and gave the company a “positive” rating in a research note on Tuesday, October 20th. Mizuho set a $149.00 target price on shares of ConocoPhillips in a research report on Thursday. Finally, Freedom Capital upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $145.04.

ConocoPhillips Stock Up 0.7%

COP opened at $136.38 on Friday. The business’s fifty day simple moving average is $136.92 and its 200 day simple moving average is $122.10. ConocoPhillips has a 52 week low of $85.59 and a 52 week high of $154.28. The company has a quick ratio of 1.39, a current ratio of 1.52 and a debt-to-equity ratio of 0.34. The stock has a market cap of $163.84 billion, a PE ratio of 14.33, a P/E/G ratio of 1.28 and a beta of 0.16.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.05 by $0.22. ConocoPhillips had a return on equity of 17.60% and a net margin of 16.55%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.59 billion. During the same quarter in the previous year, the company posted $1.61 earnings per share. The company’s revenue was up 29.2% compared to the same quarter last year. As a group, research analysts expect that ConocoPhillips will post 11.84 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 16th will be issued a dividend of $0.93 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.7%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.84. ConocoPhillips’s payout ratio is 44.44%.

Insiders Place Their Bets

In related news, SVP Andrew Lundquist sold 9,487 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.09% of the stock is owned by insiders.

More ConocoPhillips News

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Strong Q3 results: ConocoPhillips reported adjusted earnings of $3.27 per share, above estimates, as higher realized commodity prices helped more than double earnings year over year. Revenue also topped expectations, and operating cash flow reached $7.2 billion. Article: ConocoPhillips Q3 Earnings Beat Estimates on Higher Commodity Prices
• Positive Sentiment: Higher shareholder payout and cash-flow ambitions: The company increased its quarterly dividend about 11%, to $0.93 per share. Management also reiterated a plan for roughly $7 billion in additional free cash flow by 2029, supported by lower capital spending, production growth and shareholder returns. Article: Is ConocoPhillips a Buy After Its Latest Earnings Report?
• Positive Sentiment: Willow project progress: The Alaska project is approaching a key milestone, with drilling targeted for 2027, supporting the company’s future production outlook. Article: ConocoPhillips eyes Willow drilling in 2027 as Alaska project reaches key milestone
• Neutral Sentiment: Analyst view remains favorable, but one target was trimmed: Wells Fargo lowered its price target from $189 to $185 while retaining an Overweight rating. Article: Wells Fargo recommendations
• Negative Sentiment: Production and price sensitivity: Output declined in the quarter, even as higher oil prices boosted results. That leaves earnings and cash returns exposed if commodity prices retreat. ETFs were also net sellers of about $22.9 million of COP shares on Nov. 4, a modest near-term pressure. Article: ETFs Are Net Sellers of ConocoPhillips

About ConocoPhillips

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids.

The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources.

ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.